BVI Extension on FATCA Registration and Reporting

The International Tax Authority of the Ministry of Finance, Government of the Virgin Islands, announced on 1 June 2015 the extension of FATCA deadlines for the United Kingdom and United States of America for BVI Financial Institutions with regard to their enrollment and reporting obligations (Link). The deadline to register or enroll with the BVI Tax Authority via the BVI Financial Account Reporting System (BVIFARS) has been extended to 30 June 2015 while the deadline to file reports has been extended to 31 July 2015. According to the press release, this relaxed approach only applies for 2015 in order to allow BVI Financial Institutions to “ensure that they complete their customer due diligence and comply with the Agreements”.  Further, BVI financial institutions wishing to offer the Alternative Reporting Regime to their clients now have until 30 September to submit an election to the International Tax Authority.

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